More trade wars feared after China'

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More trade wars feared after China's entry into WTO
June 25, 2001
Beijing - China's upcoming accession to the World Trade Organization
(WTO) is not going to ease down the current scene of trade wars with
several countries. Trade disputes are likely to rise once the mainland
joins the international trade body, reports the Asian Wall Street
Journal (AWSJ) on Monday.
As a country of cheap labor, and thus cheap exports, China is regarded
as a threatening trade competitor by many countries. Beijing has reacted
by restrictions on exports of Chinese goods by firm countermeasures.
Last week, Japan was hit by 100 per cent import tariff increase on its
cars, mobile phones, air conditioners and dozens of other products after
it imposed restrictions on the export of several farm products from
China.
The rigid answers, also in response to actions from South Korea, United
States, Mexico and several other countries, show China's frustration
over their trading, according to the AWSJ. And entrance to the WTO won't
make things any better: the WTO-members will be even more confronted
with China's cheap goods and huge competitiveness. China will be in a
better position to defend itself against unjustified high benchmarks. In
the past prices of products in high-wage countries like Singapore could
be used, since China's own planned economy could not be seen as a
benchmark.
Joining the trade body will give China, as well as the other member
countries, more tools to fight dumping disputes in an effective way and
will not reduce the number of trade wars.
Worries are especially rising over the potential conflict with poorer
countries, like India, Brazil, and South East Asian countries, which are
unable to compete with China at all, reports Reuters on Monday.
(From Chinabiz)
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<center><b><u><font color="#3366FF"><font size=+1>More trade wars feared
after China's entry into WTO</font></font></u></b></center>
<p><i><font color="#FF6666"><font size=+1>June 25, 2001</font></font></i>
<p><font size=+1>Beijing - China's upcoming accession to the World Trade
Organization (WTO) is not going to ease down the current scene of trade
wars with several countries. Trade disputes are likely to rise once the
mainland joins the international trade body, reports the Asian Wall Street
Journal (AWSJ) on Monday.</font>
<p><font size=+1>As a country of cheap labor, and thus cheap exports, China
is regarded as a threatening trade competitor by many countries. Beijing
has reacted by restrictions on exports of Chinese goods by firm countermeasures.
Last week, Japan was hit by 100 per cent import tariff increase on its
cars, mobile phones, air conditioners and dozens of other products after
it imposed restrictions on the export of several farm products from China.</font>
<p><font size=+1>The rigid answers, also in response to actions from South
Korea, United States, Mexico and several other countries, show China's
frustration over their trading, according to the AWSJ. And entrance to
the WTO won't make things any better: the WTO-members will be even more
confronted with China's cheap goods and huge competitiveness. China will
be in a better position to defend itself against unjustified high benchmarks.
In the past prices of products in high-wage countries like Singapore could
be used, since China's own planned economy could not be seen as a benchmark.</font>
<p><font size=+1>Joining the trade body will give China, as well as the
other member countries, more tools to fight dumping disputes in an effective
way and will not reduce the number of trade wars.</font>
<p><font size=+1>Worries are especially rising over the potential conflict
with poorer countries, like India, Brazil, and South East Asian countries,
which are unable to compete with China at all, reports Reuters on Monday.</font>
<br><font size=+1>(From Chinabiz)</font>
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